Gold Coast’s Matt Ward Productions in liquidation with $1.4m debts to investors, suppliers
A theatre powerhouse behind Gold Coast musicals Priscilla, Billy Elliot and Mamma Mia has put his company into liquidation. See the friends, family, investors, suppliers owed money.
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An acclaimed Gold Coast musical producer has placed his powerhouse production company into liquidation with debts to suppliers and high-profile investors of at least $1.4 million.
Matt Ward, whose high-profile stage shows on the Gold Coast have included Wicked; Billy Elliot; Priscilla, Queen of the Desert; Mamma Mia; and Beautiful, placed his company Matt Ward Productions into liquidation on December 6.
Lower than expected ticket sales for the productions have been blamed for dwindling revenue for the company.
In his report on company affairs and property, Mr Ward said he owed $369,000 to Carl Schuster; $250,405 to Diane Dahl; $235,000 to developer Gavin Nixon; $78,880 to Meriton Property Services; $34,874 to The Advertising Works; $4000 to Josh McIntosh; $3300 to public relations company LMPR; and $2136 to accountant Dean Robbin.
Matt Ward Productions also owes $115,000 to Tina Layt, who runs high-profile Gold Coast plastic surgery business The Layt Clinic with husband Craig.
The report said Mr Ward was a guarantor for the company’s Amex card, which had a
$172,088 debt, and for a $7677 debt to Wilcolm Property Group.
Matt Ward Productions, the local production company behind shows including Wicked and Billy Elliott, has entered Voluntary Liquidation, appointing Glenn O’Kearney from GT Advisory as Liquidator.
Lawyer for the company, Derek Cronin from Cronin Miller Litigation, said increased production costs and a downturn in ticket sales had contributed to the company’s insolvency.
“This has been a very difficult decision for Matt and his team, but necessary given the position the company finds itself in,” he said.
“Creditors of the company, primarily friends and family of Matt who have invested, are out of pocket.
“For this reason, Matt is obviously very upset that the company has had to be been placed into liquidation.”
Mr Cronin said the separate vocal studio operated by Matt Ward Vocal studios would operate as normal, and students of the vocal studio were expected to be unaffected.
“Matthew Ward has been a significant contributor to the entertainment industry providing employment opportunities on the Gold Coast over many years, and the productions have been world class,” he said.
Mr Ward’s report said the company owed an unspecified amount in superannuation for “various contractors”.
It listed company assets including $5780 in a Westpac account, a $1500 dance floor; electric keyboard; and costumes, production sets, props and other equipment which was yet to be valued.
Mr Ward and his partner Matthew Sinclair are also listed as owing money they borrowed from the company, with Mr Sinclair owing $32,606 and Mr Ward owing $1977.
Both are also listed as being owed money by the company: Mr Ward $25,641 and Mr Sinclair $5262.
Mr Sinclair’s LinkedIn profile lists him as head of operations for Matt Ward Entertainment.
Liquidator Glenn O’Kearney of GT Advisory said his investigations were at preliminary stage. “I understand that lower than expected ticket sales from theatre productions did contribute to a reduction in revenue in 2023,” he said.
“I do expect there will be some superannuation and statutory debt outstanding however we are waiting on further records and confirmation from the Australian Taxation Office.
“If creditors wish to register a claim in the liquidation, they can contact my office on (07) 5635 2600 or visit www.gtadvisory.com.au.”
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